Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Per recent data from Messari, Cardano is leading in 24-hour adjusted volume transactions despite the ADA price tumbling 18%. Adjusted transaction volume remains a good way to isolate only the most important transactions.
Cardano outperformed lead cryptocurrencies Bitcoin and Ethereum in adjusted transaction volumes, with a 24-hour volume of $16.49 billion compared to Bitcoin's $8.49 million and Ethereum's $4.73 billion. Cardano users also paid cheaper fees compared to both BTC and ETH.
Amid a string of favorable fundamentals, Cardano's price has declined steadily since attaining all-time highs of $3.09 in September 2021. ADA has taken a drubbing as the entire crypto market dipped. ADA has tanked more than 18% in the last 24 hours and remains down 75.44% from its all-time highs, as per CoinMarketCap.
Cardano holders continue to accumulate amid price plunge
Despite price declines, Cardano holders have continued to accumulate. On-chain analytics firm Santiment reported that Cardano ''shark addresses'' holding 10,000 to 100,000 ADA tokens have accumulated almost half of Cardano's total supply of 34.12 billion ADA, adding 6% more in the last five weeks.
Likewise, holders of the ADA token who have not parted with their tokens for at least one year now control a cumulative 10.12 billion ADA tokens ($9.5 billion), according to recent data provided by IntoTheBlock analytics.
Bitrue cryptocurrency exchange also revealed its big announcement: making ADA one of the base currencies.
Cardano (ADA) will be used as a base currency for conversion of FLUX, DGB, RSR, GAS, SNT, CTSI, BNT, LOOM and KNC, i.e., some of the most popular assets for the Bitrue community. ADA trades at $0.76 at the time of publication.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya
Vladislav Sopov